One lesson learned: Create a good relationship with contractor and shop around for the best pricing on materials.

Thanks for the insight I'd review the contract or agreement and maybe consult an attorney about getting out of this.

Getting multiple contractors involved will be your best bet to get a reliable estimate, though you need to come up with a scope of work.

This gives you the benefits of ownership without the hassles of “landlording” or playing general contractor—in my opinion, it’s a more feasible arrangement if you’re looking to live in one state and own in another.The initial outlay can be pretty reasonable as well.

It really depends on the markets you are looking in, if you have the bandwidth to handle general contractors and their subs, and the amount of capital/liquid you have.

You can certainly ask the agent who helped you purchase the property for advice too ;)Since you are using a PM to run things, I don't see any need to meet anyone except your PM and the contractor/handyman you plan on using for repairs/updates.

The team has to consist of a local realtor with experience in the areas, a lender with experience in commercial lending, and a contractor. 

From my experience, many investors prefer to stay hands-off and avoid the day-to-day operations—managing contractors, solving unexpected issues, or finding a replacement electrician.

Here's what I've learned:Inspections Are Non-Negotiable: Always get a full inspection, but don’t stop there.Plumbing & Sewer: Have the plumbing and sewer systems checked specifically, as these are common problem areas in older homes.Electrical System: If the inspector flags any electrical concerns, bring in an electrician during the inspection phase for a detailed evaluation.

If you don't have a virtual assistant yet, I'd recommend getting one to help with things like tenant communications and coordinating contractors.